On this page of StockholderLetter.com we present the latest annual shareholder letter from LOGITECH INTERNATIONAL S.A. — ticker symbol LOGI. Reading current and past LOGI letters to shareholders can bring important insights into the investment thesis.
2024 Annual General Meeting Invitation, Proxy Statement and Annual Report
To our shareholders, partners, customers and employees Fiscal Year 2024 was a productive year for Logitech, mobilizing the values and capabilities that have made the company successful for so many decades. We welcomed a new CEO, delivered a return to growth in the fourth quarter and shared a set of new strategic priorities that will shape the company s direction for many years. We re excited for the journey to come. RETURN TO GROWTH This past fiscal year, Logitech faced continued macroeconomic hurdles, registering a 6% decline in net sales in constant currency compared to the prior year. Nonetheless, we closed the fiscal year with momentum. Q4 net sales grew 5% compared to the previous year and non-GAAP operating profits nearly doubled. The return to growth was broad-based across all regions and all key categories. Across the year, we grew market share in multiple key categories: Keyboards & Combos, Pointing Devices (including Mice), Video Conferencing, Gaming Wheels, Gaming Wired Mice, Tablet Keyboards and Webcams. We continued our rigorous approach to financial discipline and operational excellence. Our expanded non-GAAP gross margin of 41.8% was up by over 300 basis points year on year. We also continued investing in research and development. We catered to new categories of users with the foldaway Casa Pop-Up Desk, and won dozens of global design awards. We launched innovations like Logitech Combo Touch keyboard case for iPads, MX Brio webcam, the Logitech G ASTRO A50 headset and the AI-powered conference camera MeetUp 2. Indeed, we continued to leverage Artificial Intelligence (AI) in our portfolio with the launch of business headset Zone Wireless 2, and our new software tool Logi AI Prompt Builder. AI enhances our users experiences across our Video Collaboration portfolio in the flagship Logitech Sight and best-selling products like Logitech Rally Bar. Other best-sellers were also notable, such as Logitech G Pro X Superlight gaming mouse, MX Master 3S mouse and the G29 Driving Force steering wheel. We grew our non-GAAP operating profits by 19% year over year, and generated more than $1.1 billion in cash from operations. And, we returned a total of $686 million to you, our shareholders, through our annual dividend payment and share repurchases. A BACKDROP OF LONG-TERM TRENDS In December last year, we welcomed our new CEO, Hanneke Faber. Joining Logitech from Unilever s $14 billion Nutrition business as group president, Hanneke brings more than 30 years of leadership experience in driving innovation, transformation and growth across a variety of renowned global consumer, B2B and e-commerce businesses. She joins a company with a storied history and a set of values that have been our north star for many years an open culture where people can be themselves, a humble yet hungry culture where people can get things done, collaborating with each other and safely challenging the status quo. At Logitech, we re focused on people in all their diversity, and the health of the planet. We value innovation, passion and a never-giveup attitude. And we benefit from an enviable set of world-class capabilities: in design, engineering, operations and brand strength. These values and capabilities, and Hanneke s deep experience and interactions these past few months with employees, customers, partners, and shareholders have been critical in shaping our strategic priorities going forward, developed with the support of the board of directors, and shaped by all employees. These strategic priorities come against a backdrop of several major, long-term trends that we expect will affect our business. These include: New ways of working: Hybrid work work between the office, home, and on the go is now the established model for knowledge workers across the world. More than 50% of U.S. workers are hybrid today. The need for multiple workspaces, video collaboration, and solutions to boost productivity and creativity is likely to continue to grow. And that is where you will find Logitech. Gaming has gone mainstream: Today, all kinds of people game over 3.3 billion of them. Almost half of U.S. gamers are women; nearly 30% are over 45; and there are more gamers in Africa and the Middle East than in the United States. The continued penetration of gamers worldwide is an opportunity for Logitech, as a leading gaming brand with a broad portfolio. Artificial Intelligence (AI): We have only just started to experience the transformational impact that AI will have. Organizations are becoming more efficient; people are becoming more creative and productive. Logitech s ambition is to be an important part of the AI ecosystem. We are already innovating to help people access
platforms, like OpenAI s ChatGPT, faster and more fluently. We are leveraging AI as we innovate to deliver superior audio and video experiences, such as in our Video Collaboration portfolio. And of course, AI is helping drive productivity inside Logitech. Climate change: This will affect everyone. Logitech is an established sustainability leader in the tech industry, and we will do more. We are designing for sustainability and working to drive authentic reductions in carbon impact across our value chain. And we will share our methods because we all have the same objective: a healthier planet. The importance of trust: Trust in governments, the media, science, and business is at an all-time low. In such an environment, Logitech is well positioned with our broad partnerships, consumer-centric design philosophy, high privacy and security standards, and trusted Swiss brand. A BOLD MISSION & NEW STRATEGIC PRIORITIES To take advantage of these long-term trends and the opportunities, Logitech is implementing a new set of strategic priorities. It starts from a simple, bold mission: Logitech extends human potential in work and play . To extend human potential means helping people be more productive, to perform better, to connect more easily, to be more creative all in ways that are more sustainable and more equitable. We love this concise, human-centric expression of where we re going; it also captures where we come from. We will extend that human potential in two very large macro spaces: Work and Play. To date, Logitech has supported people in both those spaces, but Work has been primarily limited to solutions for the office, and Play primarily gaming on the PC. Now, we will expand those definitions. Most people around the world do not work in offices they work in health care, in education, in retail, in manufacturing and other places. And although many people enjoy PC gaming, over a billion more game and play in other ways. Broadening our definitions of Work and Play doubles our total addressable market. We will grow with Design-led, Software-enabled Hardware. These carefully chosen words provide clear direction and competitive advantage. We do not sell plain hardware. All our products are design-led and contain advanced software. This combination delivers superior, magical, effortless user experiences. AI offers significant new innovation opportunities as part of this recipe. We will continue to pursue our historically strong consumer business, and double down on B2B. We have doubled our enterprise business since 2019, but are still a relatively new B2B player with more scope to accelerate our capabilities. hardware, software and services Geographies, too, offer scope for growth. We are present in more than 100 countries today, but there are significant differences in Logitech share of wallet between them. This reveals room for more growth, both in developed and emerging markets. Lastly, we intend to build an iconic brand. This starts by focusing on our single, trusted $4 billion Logitech brand. With its strong global awareness and solid reputation, we will embark on a path to become truly iconic. A LONG-TERM VISION OF GROWTH Each of these strategic priorities will build upon Logitech s capabilities, as an operational powerhouse with world-class design and engineering, and a globallyrecognized brand with leading market share. They are already guiding our work at Logitech, and will do so over the years between now and 2031 our 50th anniversary. They will power Logitech s future. Looking to Fiscal Year 2025, we continue to see uncertainties in the near-term economic outlook. In this environment, we will implement our strategy and position ourselves for continued competitive growth. In the years that follow, our goal is to accelerate organic growth. When strategic opportunities arise, we will add acquisitions for incremental growth. So, as you have read, Fiscal Year 2024 was a productive year. It has given us the opportunity to connect the passion and innovation on which Logitech is built to the Logitech we are shaping for tomorrow. We would like to thank our customers for choosing Logitech daily, in their work and play; and our employees for their continued expression of our values, and their discipline and tenacity in returning Logitech to growth at the end of the fiscal year. Finally, we would like to express our gratitude to our shareholders. Five years ago, anyone who invested in LOGI would have nearly doubled their investment by now. We are excited to continue this strong track record of shareholder value creation. Wendy Becker Chairperson of the Board Hanneke Faber Chief Executive Officer
FORWARD-LOOKING INFORMATION This Invitation, Proxy Statement and Annual Report, including the letter to shareholders, contains "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on beliefs of our management as of the initial date of making such statements. These forwardlooking statements include, among other things, statements related to: Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position; Our business strategy and investment priorities in relation to competitive offerings and evolving consumer demand trends affecting our products and markets, current and future worldwide geopolitical, economic and capital market conditions, including fluctuations in currency exchange rates, inflation, economic downturns, and disruptions in global logistics; Our expectations regarding our restructuring efforts, including the timing thereof; Long-term, secular trends that impact our product categories; The evolution and adoption of artificial intelligence (AI), its impact on our industry and related risks and opportunities for our business; The scope, nature or impact of acquisition, strategic alliance, and divestiture activities; Our expectations regarding the success of our strategic acquisitions, including integration of acquired operations, products, technology, internal controls, personnel and management teams; Our expectations regarding our effective tax rate, future tax benefits, tax settlements, tax rulings, tax audits, the adequacy of our provisions for uncertain tax positions; Our expectations regarding our potential indemnification obligations, and the outcome of pending or future legal proceedings; Our business development, product development and innovation, and their impact on future operating results and anticipated operating costs for fiscal year 2025 and beyond; Opportunities for growth and our ability to execute on and take advantage of them, including our marketing initiatives and strategy and our expectations regarding the success thereof; Potential tariffs, their effects and our ability to mitigate their effects; Our expectations regarding our share repurchase and dividend programs; The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings under our bank lines of credit to fund capital expenditures and working capital needs; and The effects of environmental and other laws and regulations in the United States and other countries in which we operate. Forward-looking statements also include, among others, those statements including the words "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should," "will" and similar language. These statements reflect our views and assumptions as of the initial date of making such statements. All forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important information as to these factors can be found in this Annual Report on Form 10-K for the fiscal year ended March 31, 2024 under the headings of Management s Discussion and Analysis of Financial Condition and Results of Operations, Overview of our Company, Critical Accounting Estimates and Liquidity and Capital Resources, among others. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under Item 1A "Risk Factors," as well as elsewhere in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and in our other filings with the U.S. Securities and Exchange Commission, or "SEC." You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the initial date of making such statements. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the initial date of making such statements.
July 26, 2024 To our shareholders: You are cordially invited to attend Logitech's 2024 Annual General Meeting. The meeting will be held on Wednesday, September 4, 2024 at 2:00 p.m. at the SwissTech Convention Center, EPFL, in Lausanne, Switzerland. Enclosed is the Invitation and Proxy Statement for the meeting, which includes an agenda and discussion of the items to be voted on at the meeting, instructions on how you can exercise your voting rights, information concerning Logitech s compensation of its Board members and executive officers, and other relevant information. Whether or not you plan to attend the Annual General Meeting, your vote is important, and you should take the steps required so that your shares are represented at the 2024 Annual General Meeting. Thank you for your continued support of Logitech. Wendy Becker Chairperson of the Board
 • shareholder letter icon 7/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/25/2023 LOGI Stockholder Letter
 • stockholder letter icon More "Computer Peripherals" Category Stockholder Letters
 • Benford's Law Stocks icon LOGI Benford's Law Stock Score = 94


LOGI Shareholder/Stockholder Letter Transcript:

2024 Annual General Meeting
Invitation, Proxy Statement and Annual Report

To our shareholders, partners, customers and employees
Fiscal Year 2024 was a productive year for Logitech,
mobilizing the values and capabilities that have made
the company successful for so many decades. We
welcomed a new CEO, delivered a return to growth in
the fourth quarter and shared a set of new strategic
priorities that will shape the company   s direction for
many years. We   re excited for the journey to come.
RETURN TO GROWTH
This past fiscal year, Logitech faced continued
macroeconomic hurdles, registering a 6% decline in net
sales in constant currency compared to the prior year.
Nonetheless, we closed the fiscal year with momentum.
Q4 net sales grew 5% compared to the previous year
and non-GAAP operating profits nearly doubled. The
return to growth was broad-based across all regions
and all key categories.
Across the year, we grew market share in multiple key
categories: Keyboards & Combos, Pointing Devices
(including Mice), Video Conferencing, Gaming Wheels,
Gaming Wired Mice, Tablet Keyboards and Webcams.
We continued our rigorous approach to financial
discipline and operational excellence. Our expanded
non-GAAP gross margin of 41.8% was up by over 300
basis points year on year. We also continued investing
in research and development.
We catered to new categories of users with the
foldaway Casa Pop-Up Desk, and won dozens of global
design awards. We launched innovations like Logitech
Combo Touch keyboard case for iPads, MX Brio
webcam, the Logitech G ASTRO A50 headset and the
AI-powered conference camera MeetUp 2. Indeed, we
continued to leverage Artificial Intelligence (AI) in our
portfolio with the launch of business headset Zone
Wireless 2, and our new software tool Logi AI Prompt
Builder. AI enhances our users    experiences across our
Video Collaboration portfolio in the flagship Logitech
Sight and best-selling products like Logitech Rally Bar.
Other best-sellers were also notable, such as Logitech
G Pro X Superlight gaming mouse, MX Master 3S
mouse and the G29 Driving Force steering wheel.
We grew our non-GAAP operating profits by 19% year
over year, and generated more than $1.1 billion in cash
from operations. And, we returned a total of $686
million to you, our shareholders, through our annual
dividend payment and share repurchases.
A BACKDROP OF LONG-TERM TRENDS
In December last year, we welcomed our new CEO,
Hanneke Faber.
Joining Logitech from Unilever   s $14 billion Nutrition
business as group president, Hanneke brings more
than 30 years of leadership experience in driving
innovation, transformation and growth across a variety
of renowned global consumer, B2B and e-commerce
businesses.
She joins a company with a storied history and a set of
values that have been our north star for many years an open culture where people can be themselves, a
humble yet hungry culture where people can get things
done, collaborating with each other and safely
challenging the status quo. At Logitech, we   re focused
on people in all their diversity, and the health of the
planet. We value innovation, passion and a never-giveup attitude. And we benefit from an enviable set of
world-class capabilities: in design, engineering,
operations and brand strength.
These values and capabilities, and Hanneke   s deep
experience and interactions these past few months    
with employees, customers, partners, and shareholders
    have been critical in shaping our strategic priorities
going forward, developed with the support of the board
of directors, and shaped by all employees.
These strategic priorities come against a backdrop of
several major, long-term trends that we expect will
affect our business. These include:
New ways of working: Hybrid work     work between the
office, home, and on the go     is now the established
model for knowledge workers across the world. More
than 50% of U.S. workers are hybrid today. The need
for multiple workspaces, video collaboration, and
solutions to boost productivity and creativity is likely to
continue to grow. And that is where you will find
Logitech.
Gaming has gone mainstream: Today, all kinds of
people game     over 3.3 billion of them. Almost half of
U.S. gamers are women; nearly 30% are over 45; and
there are more gamers in Africa and the Middle East
than in the United States. The continued penetration of
gamers worldwide is an opportunity for Logitech, as a
leading gaming brand with a broad portfolio.
Artificial Intelligence (AI): We have only just started to
experience the transformational impact that AI will have.
Organizations are becoming more efficient; people are
becoming more creative and productive. Logitech   s
ambition is to be an important part of the AI ecosystem.
We are already innovating to help people access

platforms, like OpenAI   s ChatGPT, faster and more
fluently. We are leveraging AI as we innovate to deliver
superior audio and video experiences, such as in our
Video Collaboration portfolio. And of course, AI is
helping drive productivity inside Logitech.
Climate change: This will affect everyone. Logitech is an
established sustainability leader in the tech industry, and
we will do more. We are designing for sustainability and
working to drive authentic reductions in carbon impact
across our value chain. And we will share our methods    
because we all have the same objective: a healthier
planet.
The importance of trust: Trust in governments, the
media, science, and business is at an all-time low. In
such an environment, Logitech is well positioned with
our broad partnerships, consumer-centric design
philosophy, high privacy and security standards, and
trusted Swiss brand.
A BOLD MISSION & NEW STRATEGIC PRIORITIES
To take advantage of these long-term trends and the
opportunities, Logitech is implementing a new set of
strategic priorities.
It starts from a simple, bold mission:    Logitech extends
human potential in work and play   . To extend human
potential means helping people be more productive, to
perform better, to connect more easily, to be more
creative     all in ways that are more sustainable and
more equitable. We love this concise, human-centric
expression of where we   re going; it also captures where
we come from.
We will extend that human potential in two very large
macro spaces: Work and Play. To date, Logitech has
supported people in both those spaces, but Work has
been primarily limited to solutions for the office, and Play
primarily gaming on the PC. Now, we will expand those
definitions. Most people around the world do not work in
offices     they work in health care, in education, in retail,
in manufacturing and other places. And although many
people enjoy PC gaming, over a billion more game and
play in other ways. Broadening our definitions of Work
and Play doubles our total addressable market.
We will grow with Design-led, Software-enabled
Hardware. These carefully chosen words provide clear
direction and competitive advantage. We do not sell
plain hardware. All our products are design-led and
contain advanced software. This combination delivers
superior, magical, effortless user experiences. AI offers
significant new innovation opportunities as part of this
recipe.
We will continue to pursue our historically strong
consumer business, and double down on B2B. We have
doubled our enterprise business since 2019, but are still
a relatively new B2B player with more scope to
accelerate our
capabilities.
hardware,
software
and
services
Geographies, too, offer scope for growth. We are
present in more than 100 countries today, but there are
significant differences in Logitech share of wallet
between them. This reveals room for more growth, both
in developed and emerging markets.
Lastly, we intend to build an iconic brand. This starts by
focusing on our single, trusted $4 billion Logitech brand.
With its strong global awareness and solid reputation,
we will embark on a path to become truly iconic.
A LONG-TERM VISION OF GROWTH
Each of these strategic priorities will build upon
Logitech   s capabilities, as an operational powerhouse
with world-class design and engineering, and a globallyrecognized brand with leading market share. They are
already guiding our work at Logitech, and will do so over
the years between now and 2031     our 50th
anniversary. They will power Logitech   s future.
Looking to Fiscal Year 2025, we continue to see
uncertainties in the near-term economic outlook. In this
environment, we will implement our strategy and
position ourselves for continued competitive growth. In
the years that follow, our goal is to accelerate organic
growth. When strategic opportunities arise, we will add
acquisitions for incremental growth.
So, as you have read, Fiscal Year 2024 was a
productive year. It has given us the opportunity to
connect the passion and innovation on which Logitech is
built to the Logitech we are shaping for tomorrow. We
would like to thank our customers for choosing Logitech
daily, in their work and play; and our employees for their
continued expression of our values, and their discipline
and tenacity in returning Logitech to growth at the end of
the fiscal year.
Finally, we would like to express our gratitude to our
shareholders. Five years ago, anyone who invested in
LOGI would have nearly doubled their investment by
now. We are excited to continue this strong track record
of shareholder value creation.
Wendy Becker
Chairperson of the Board
Hanneke Faber
Chief Executive Officer

FORWARD-LOOKING INFORMATION
This Invitation, Proxy Statement and Annual Report, including the letter to shareholders, contains "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on beliefs of our management as of the initial date of making such statements. These forwardlooking statements include, among other things, statements related to:








Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial
performance, and market position;
Our business strategy and investment priorities in relation to competitive offerings and evolving consumer
demand trends affecting our products and markets, current and future worldwide geopolitical, economic and
capital market conditions, including fluctuations in currency exchange rates, inflation, economic downturns,
and disruptions in global logistics;
Our expectations regarding our restructuring efforts, including the timing thereof;
Long-term, secular trends that impact our product categories;
The evolution and adoption of artificial intelligence (AI), its impact on our industry and related risks and
opportunities for our business;
The scope, nature or impact of acquisition, strategic alliance, and divestiture activities;
Our expectations regarding the success of our strategic acquisitions, including integration of acquired
operations, products, technology, internal controls, personnel and management teams;
Our expectations regarding our effective tax rate, future tax benefits, tax settlements, tax rulings, tax audits,
the adequacy of our provisions for uncertain tax positions;
Our expectations regarding our potential indemnification obligations, and the outcome of pending or future
legal proceedings;
Our business development, product development and innovation, and their impact on future operating results
and anticipated operating costs for fiscal year 2025 and beyond;
Opportunities for growth and our ability to execute on and take advantage of them, including our marketing
initiatives and strategy and our expectations regarding the success thereof;
Potential tariffs, their effects and our ability to mitigate their effects;
Our expectations regarding our share repurchase and dividend programs;
The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings
under our bank lines of credit to fund capital expenditures and working capital needs; and
The effects of environmental and other laws and regulations in the United States and other countries in which
we operate.
Forward-looking statements also include, among others, those statements including the words "anticipate,"
"believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should," "will" and
similar language. These statements reflect our views and assumptions as of the initial date of making such
statements. All forward-looking statements involve risks and uncertainties that could cause our actual performance to
differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important
information as to these factors can be found in this Annual Report on Form 10-K for the fiscal year ended March 31,
2024 under the headings of    Management   s Discussion and Analysis of Financial Condition and Results of
Operations,       Overview of our Company,       Critical Accounting Estimates    and    Liquidity and Capital Resources,   
among others. Factors that might cause or contribute to such differences include, but are not limited to, those
discussed under Item 1A "Risk Factors," as well as elsewhere in our Annual Report on Form 10-K for the fiscal year
ended March 31, 2024 and in our other filings with the U.S. Securities and Exchange Commission, or "SEC." You are
cautioned not to place undue reliance on the forward-looking statements, which speak only as of the initial date of
making such statements. We undertake no obligation to publicly release any revisions to the forward-looking
statements or reflect events or circumstances after the initial date of making such statements.

July 26, 2024
To our shareholders:
You are cordially invited to attend Logitech's 2024 Annual General Meeting. The
meeting will be held on Wednesday, September 4, 2024 at 2:00 p.m. at the SwissTech
Convention Center, EPFL, in Lausanne, Switzerland.
Enclosed is the Invitation and Proxy Statement for the meeting, which includes an
agenda and discussion of the items to be voted on at the meeting, instructions on how
you can exercise your voting rights, information concerning Logitech   s compensation of
its Board members and executive officers, and other relevant information.
Whether or not you plan to attend the Annual General Meeting, your vote is important,
and you should take the steps required so that your shares are represented at the 2024
Annual General Meeting.
Thank you for your continued support of Logitech.
Wendy Becker
Chairperson of the Board



shareholder letter icon 7/26/2024 Letter Continued (Full PDF)
 

LOGI Stockholder/Shareholder Letter (LOGITECH INTERNATIONAL S.A.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.